India’s April-June finished steel imports fall nearly 30% as China, Japan shipments slow

NEW DELHI: India’s finished steel imports dropped nearly 30% in the first three months of the financial year that started in April, due to a persistent fall in shipments from China and Japan, according to provisional government data reviewed by Reuters on Tuesday.

The world’s second-biggest crude steel producer imported 1.4 million metric tons of finished steel during April-June, down 28.8% from a year earlier, the data showed.

Shipments from China fell 45.8%, while those from Japan declined 65.2%. China shipped 0.3 million tons of finished steel into India during the period, while Japan exported 0.2 million tons, the data showed.

In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

South Korea was the biggest exporter to India, with shipments reaching 0.5 million tons, down 6.5%.

India remained a net importer during the period, with exports easing 5.1%.

Belgium was the top destination for finished steel exports from India, with shipments rising 40.8%.

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Shipments to the United States, Spain and Nepal climbed, while exports to Italy dropped.

Volume-wise, galvanised plain or corrugated sheets or coils were India’s biggest exports.

Domestically, crude steel production was at 40.6 million tons, up 11.2%. Finished steel consumption was at 38.3 million tons, up 7.9%.

Indian domestic rebar prices edged lower as underlying market sentiment remained weak amid sluggish demand and the onset of monsoon, the government said in its report.